The First Wave of Globalization and the Electoral Populism in the United States
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This paper examines the relationship between globalization and the rise of populism in the United States from 1870 to 1909. The expansion of international trade, alongside technological advances in transportation and communication, fundamentally altered the structure of the U.S. economy. We argue that the decline in agricultural prices, largely driven by increased global competition and the influx of cheap imports, led to widespread economic distress among rural populations. This distress was further exacerbated by the gold standard, which tightened credit and reduced the money supply, adversely affecting farmers who were dependent on loans for their seasonal cycles. We show that the rise of populism during this era was a direct response to the negative effects of globalization on agriculture, reflecting broader socioeconomic tensions in a rapidly changing America.